Tata Elxsi Q1 net profit up over 41% to Rs 68.8 cr

Design and technology services provider Tata Elxsi on Tuesday said its net profit has increased 41.1 per cent to Rs 68.87 crore for the June 2020 quarter.
The company had registered a net profit of Rs 48.79 crore in the year-ago period, Tata Elxsi said in a regulatory filing.

Its revenue from operations rose over 10.7 per cent to Rs 400.48 crore for the said quarter from Rs 361.71 crore for the corresponding period a year ago, it added.

"It was a pretty satisfying quarter - although we did see general sluggishness across all verticals at the end of last quarter and beginning of this quarter, the Media and Communications, and Healthcare verticals recovered strongly to post sequential growth," Tata Elxsi CEO and Managing Director Manoj Raghavan said.

Software development and services contributed Rs 390.42 crore, while system integration and support services accounted for Rs 10.06 crore of the said quarter's revenue.

In a statement, the company said the growth was driven by its largest division - Embedded Product Design (EPD).

Within EPD, the Media and Communications vertical grew by 23.3 per cent year-on-year, while the healthcare vertical grew by 26.5 per cent y-o-y.

Transportation vertical continues to be impacted owing to muted sales and sales forecasts from OEMs (original equipment manufacturers) leading to reduction in spends and deal deferrals across the transportation value chain, the statement said.
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